Yesterday, one of the biggest cryptocurrency exchanges in the world, Coinbase recently announced its support for PayPal withdrawals for its customers in Europe.
It was in the middle of December when Coinbase announced that its clients in the United States would be able to make free instant USD withdrawals to their PayPal account.
In a blog post by a project manager at Coinbase, Allen Osgood, up to the 14th December, customers in the US needed to either have an ACH or a Fedwire account to withdraw fiat from their Coinbase account. For those that don’t know, Fedwire was originally known as The Federal Reserve Wire Network. Unfortunately, though such traditional financial networks mean that the withdrawals can take up to two working days.
Nevertheless, the PayPal support for Coinbase and its customers in the US means that from that date, they have been able to withdraw Coinbase balances immediately to PayPal without having to pay a 1.49 percent withdrawal fee. This is something that they would have to pay if they were sending their money to a US bank account.
In order to behind using the new service, users will need to sign into Coinbase and link their PayPal account option when withdrawing cash balances.
At the time though, the blog post on Coinbase aimed to offer a positive message for the future for customers outside of the United States. In addition, they said it would be rolling out the new service to other nations this year.
As reported by CryptoGlobe, the positive thing about this new feature is that it is now available for Coinbase customers in Europe. If we take a look to Coinbase’s blog post from today, the crypto exchange is "expanding that support for PayPal withdrawals to all E.U. customers and customers in European Free Trade Association countries (Iceland, Liechtenstein, Norway, and Switzerland)."
Coinbase has said that before adding PayPal support, "SEPA and UK Faster Payments were the only options for European customers to withdraw funds." However, the feature became available to UK customers on 17th January.
When it comes to customers not based in the EU, a European Free Trade Association country or the US, there is have no doubts since Coinbase has once again promised to expand PayPal support during the remainder of this year to other jurisdictions.
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